Engagement management is a relatively new role that has emerged over the past few years. Often implementing a variety of roles from customer service, employee engagement and marketing, it’s part of what keeps our customers coming back for more. As digitization has swept across a variety of professional services industries, engagement management is becoming even more important to your company’s profitability. Up-selling or cross-selling of services is successful with 65% of repeat clients versus 12% of new clients. But it’s also a very difficult task. How can you build customer engagement without having to sacrifice your profitability?
Making the engagement manager’s role simpler
When you use a traditional ERP, there are any number of additional tasks that are required of the engagement manager. They need to check WIP valuations. Ensure finance is settled and profitability calculated. End of period reconciliation needs to happen. Then margin reports can be calculated. What if all those tasks could go away, handled by a comprehensive analytics and automation package? SAP S/4 HANA automates the entire process from recording time to project margin reports, allowing you to focus on what matters most. This level of process automation can help improve your efficiency by as much as 10%.
Bid management – historical bid analysis & real time re-use of successful bid parameters
What about when you’re getting ready to bid a new project? How do you incorporate analytics into your bid management system? By using analytics to study historical bids, you can adapt the project parameters (e.g. staff profiles, daily rates, team composition…) for creating successful bids. A digital core already gives you the tools you need to accomplish this analysis without a lot of extra work. This allows you to improve bid win rates by up to 10%. How? Better bidding accuracy and reducing cost overruns.
Manage & protect project profit margins
What about enjoying increased profitability because your employees are focused on the job they need to do rather than administrative tasks? Only 6% of businesses feel that their current project performance management system is effective. A digital core helps you make your enterprise more lean and agile. This in turn leads to higher profitability and greater flexibility in a disruptive environment.
Real-time alerts to project & skills issues
We’ve all seen projects where it’s happened. A consulting company goes under because they didn’t realize until it was too late that a large project was way over budget. An industry leader suffers terrible losses because it has the wrong employees in the wrong roles. Two-thirds of employees feel overwhelmed at work while 88% have lost their passion for their job. When you use traditional revenue recognition, it can take a long time to discover that a project or skill set is not being used to its best efficiency. There are delays throughout the process caused by batch processing.
By automating your processes on a digital core, you gain the ability to receive real-time alerts when the project is off course. A recent SAP Benchmarking survey shows that while 78% of companies surveyed think it’s important to know how engagement delivery performs against plans, only 38% of Professional Services companies have the real-time visibility to take corrective action if necessary.
Single Point of entry vs. multiple points of entry/apps
Did you know that 57% of interruptions at work come from social media or switching between applications? Every time we’re interrupted to change apps, we lose the flow of the work we were in. How do you reduce this lost productivity? One way to help keep your employees focused on the task at hand is by creating a single point of entry to your digital core. A robust digital core that provides your employees with a single point of entry to any number of native systems interfaced with it. This means you have coverage for end to end processes from finance to human resources to bidding management.
Free up time for higher-value customer-facing time
Today’s world has become increasingly connected, but at the same time, we may never meet some of our customers. Using customer-facing techniques in today’s world can often produce significant improvements in profitability. By adding engagement management tools that simplify your overall process, you can free up time to focus on a customer-facing approach. Instead of focusing on all the different systems you need to get the job done, you can focus on what you do best – run your company.
Your business needs proper engagement management to be successful. At the same time, you can’t spend all your time micro-managing every aspect of it. A digital core helps create a unified system that can create real benefits and profitability for your business. If you’d like more information on how a digital core can help boost your business, request our white paper for additional details. For more information about the overall program, please check out our product page. SAP S/4 HANA is bringing company after company into the digital age. Isn’t it time that you explored the possibilities?